ProSep Inc.

ProSep Inc.

November 11, 2008 23:59 ET

ProSep and Fondaction amend terms of debenture

MONTREAL, Nov. 11 - ProSep Inc. (TSX: PRP), dedicated to providing
process solutions to the oil and gas industry, announced today that it agreed
with Fondaction (le Fonds de développement de la Conféderation des syndicats
nationaux pour la coopération et l'emploi) to amend the terms of the
$4,000,000 Unsecured Debenture held by Fondaction, originally issued on
October 26, 2007 and maturing on April 1st, 2013. The principal amount of the
Debenture has been increased from CAD$4,000,000 to US$4,000,000 in
consideration for which the interest rate has been reset from 13% to 13.25%.
All other terms and conditions of the Debenture remain unchanged. This
amendment will provide ProSep Inc. with an additional CAD$750,000 of liquidity
that will be used to support current growth and sales backlog.

"The foreign exchange conversion of our $4 million debenture with
Fondaction is part of a broader strategy to manage the impact of foreign
exchange volatility on our balance sheet, better align operating currencies
and provide additional funds to support our growing backlog," said Jacques L.
Drouin, President and CEO of ProSep Inc.

About ProSep Inc.

ProSep Inc., formerly known as TORR Canada Inc., is dedicated to
providing process solutions to the oil and gas industry. ProSep designs,
develops, manufactures and commercializes technologies to separate oil, water
and gas generated by oil and gas production. For more information, please

Caution concerning forward-looking statements

This press release may contain forward-looking statements, including
statements regarding the business and anticipated financial performance of
ProSep Inc.. These statements are subject to a number of risks and
uncertainties that may cause actual results to differ materially from those
contemplated by the forward-looking statements. Some of the factors that could
cause such differences include but are not limited to legislative or
regulatory developments, competition, technological change, changes in
government and economic policy, inflation and general economic conditions in
geographic areas where ProSep Inc. operates. These and other factors should be
considered carefully and undue reliance should not be placed on the
forward-looking statements. ProSep Inc. does not undertake to update any
forward-looking statements.

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